Cypherpunk Technologies launches largest Zcash mining operation with $33M Winklevoss backing

Cypherpunk Technologies has gone from stacking Zcash to securing it. The company launched Cypherpunk Mining on August 18, claiming it as the largest Zcash mining operation on the planet, powered by a $33.33 million equity deal with Winklevoss Capital. The new operation delivers 4.2 GSol/s of Equihash hashrate, which accounts for approximately 18% of the entire Zcash network. All of it runs out of US-based facilities. From treasury play to infrastructure commitment Cypherpunk Technologies (Nasdaq: CYPH) already held 323,394.38 ZEC at the time of the announcement. That is roughly 1.92% of Zcash’s circulating supply, a position that makes the firm one of the single largest known holders of the token. The company has stated its ambition to grow its ZEC stake to 5% of circulating supply. That would represent a more than two-and-a-half-fold increase from current levels, a target that mining block rewards could help achieve without the market impact of large open-market purchases. With the Zcash network distributing approximately 43,800 ZEC in block rewards each month, Cypherpunk’s 18% hashrate share positions it to capture a meaningful slice of that new supply. Simple math puts that some...